Morris Township, NJ, May 20--Honeywell chairman and CEO Dave Cote said this week that the company continues looking for acquisitions that fit its strategies and business lines, while being very keen not to overpay for anything.
At an electronics conference in Florida, Cote said, "We have a number of businesses we are looking at, some small, some bigger."
At the same time, Honeywell is looking to sell assets that aren't performing as well as Cote would like, including the nylon portion of its specialty materials business, the executive said.
"It's starting to be a contributor, but it is cyclical," he said. "We expect to find an alternative for that."
Cote didn't comment on speculation earlier this month that United Technologies Corp. was interested in buying Honeywell.
United Tech and Honeywell were in merger talks in 2000, but General Electric Co. bumped United Tech aside in a bid for Honeywell that later fell apart.
On Tuesday, United Tech Chief Executive George David said at the same conference that such a deal is "not going to happen."
Honeywell, with units in aerospace, automation and controls and specialty materials, had 2004 revenue of $25.6 billion.
